Use Options to Hedge Risks That Roil Investors

(Editor's Note: Steve Sears is on vacation. Today's guest columnist is Mark D. Wolfinger, who has been a professional options trader since 1977. He offers a low-cost education service, Options for Rookies.)

At one time, it was commonly believed that the stock market provided the ideal place for investors to accumulate wealth. There was good reason for that optimism, especially during the 1950s and 1960s, as the markets moved...